Notes (Cont'd)
114 Camille Jovanovic, “Executive Compensation in Unprecedented Times,” Hugessen Consulting (March 20, 2020), online: https://www.hugessen.com/sites/default/ files/news/Hugessen%20Consulting%20%28March%20 20%2C%202020%29%20-%20Executive%20 Compensation%20in%20Unprecedented%20Times.pdf. 115 Semler Brossy, supra note 113; ISS, supra note 113; Hugessen, supra note 103; infra note 116. 116 Glass Lewis, 2020 Proxy Paper Guidelines: An Overview of the Glass Lewis Approach to Proxy Advice (Canada) (2019), online: https://www.glasslewis.com/wp-content/ uploads/2016/11/Guidelines_Canada.pdf, at 33; ISS, supra note 113, at 7. 117 Kevin Wells, David J. Moore and Nicole Bondi, “ As Pay Ratio Enters Its Third Year, Here’s What We Know So Far,” Aon plc (September 2019), online: https://rewards.aon.com/en-us/ insights/articles/2019/as-pay-ratio-enters-its-third-year- heres-what-we-know-so-far. 118 Amit Batish and Courtney Yu, “Say on Pay and the Effects of the CEO Pay Ratio: Key Findings from the 2020 Proxy Season,” Harvard Law School Forum on Corporate Governance (June 24, 2020), online: https://corpgov.law. harvard.edu/2020/06/24/say-on-pay-and-the-effects-of-the- ceo-pay-ratio-key-findings-from-the-2020-proxy-season/. 119 Rachel Kay and Luke Hildyard, “Rethinking Reward – Analysis of 2020 Pay Ratio Disclosures (Interim Report),” High Pay Centre (April 2020), online: http://highpaycentre.org/files/ Final_Version_Pay_Ratio_interim_report.pdf, at 2, 7, 22, 31. 120 Greg Arnold and Mark Emanuel, “A Thoughtful Approach in Uncertain Times,” Harvard Law School Forum on Corporate Governance (July 22, 2020), online: https://corpgov.law. harvard.edu/2020/07/22/a-thoughtful-approach-in- uncertain-times/; Semler Brossy, supra note 113; Glass Lewis, supra note 116, at 28. 121 Hugessen, supra note 103, at 8. 122 Martin Vezér and Martin Wennerström, “The State of Pay: Executive Remuneration & ESG Metrics,” ESG Spotlight No. 26, Sustainalytics Thematic Research (April 30, 2020), online: https://www.sustainalytics.com/esg-research/ issue-spotlights/esg-spotlight-the-state-of-pay-executive- remuneration-esg-metrics/. 123 Alastair Marsh, “‘Tone Deaf’ Executive Pay Is Virus Focal Point for ESG Investors,” Bloomberg (April 28, 2020), online: https://news.bloomberglaw.com/coronavirus/tone-deaf- executive-pay-is-virus-focal-point-for-esg-investors.
124 Glass Lewis, supra note 116, at 26. 125 Hugessen, supra note 103, at 3.
126 Pete Evans, “Canada Added Almost 1 Million Jobs in June but Still Almost 2 Million Down from Pre-COVID-19 Level,” CBC News (July 10, 2020), online: https://www.cbc.ca/news/ business/canada-jobs-june-1.5644672. 127 IGOPP, Executive Compensation: Cutting the Gordian Knot , Policy Paper No. 9 (November 2017), online: https://igopp. org/en/executive-compensation-cutting-the-gordian-knot/. 128 Rita Trichur, “Why Canada Should Adopt Pay Ratio Disclosures,” The Globe and Mail (April 19, 2020), online: https://www.theglobeandmail.com/business/commentary/ article-why-canada-should-adopt-pay-ratio-disclosures/. 129 The referenced “Canadian big banks” are: National Bank of Canada (NBC), Royal Bank of Canada (RBC), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC), Bank of Nova Scotia (Scotiabank) and Toronto Dominion Bank (TD). 130 Davies Governance Insights 2018 , online: https://www. dwpv.com/en/Insights/Publications/2018/Governance- Insights-2018, chapter 7. 131 The Toronto-Dominion Bank, “Notice of Annual Meeting of Common Shareholders and Management Proxy Circular” (April 2, 2020), online: https://www.td.com/document/PDF/ investor/2019/E-2019-Proxy-Circular.pdf, at 67. 132 CIBC, “Notice of Annual Meeting of Shareholders and Management Proxy Circular” (April 8, 2020), online: https:// www.cibc.com/content/dam/about_cibc/investor_relations/ pdfs/quarterly_results/2020/management-proxy-circular- 2020-en.pdf, at 6. 133 Vancity, “2019 Annual Report Accountability Statements” (2019). 134 Aaron Bertinetti, “Everything in Governance Is Affected by the Coronavirus Pandemic. This is Glass Lewis’ Approach,” Glass Lewis (March 26, 2020), online: https://www.glasslewis.com/ everything-in-governance-is-affected-by-the-coronavirus- pandemic/. Chapter 7 – Beyond Gender: Diversity and Inclusiveness Now and Going Forward 135 Davies Governance Insights 2019 , online: https://www.dwpv. com/en/Insights/Publications/2019/Davies-Governance- Insights-2019, chapter 6. 136 Ibid .
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